As the market continued to recover slowly and steadily, some altcoins rebounded earlier than expected, while others pointed to more volatility and steeper ups and downs.
With new updates popping up in the SEC’s lawsuit against Ripple every other day, XRP soared after the fall of June 21st. VeChain, on the other hand, made headlines after VeTrust, which built on VeChain Thor, was acquired by a local Chinese government for better COVID-19 risk management.
XRPSource: XRP / USD – TradingView
XRP rebounded quickly as it posted 22% from its June 22nd level. After testing the $ 0.775 support on June 21, the asset fell below that level and tested the lower support at $ 0.55. XRP later rallied after testing its lower support and showed significant gains.
The Bollinger bands Slight convergence was noted for the asset, resulting in less volatility and a less widened price range as the asset recovered from its lower lows. In addition, bullish momentum has been observed spilling over the Great oscillator with the appearance of green bars.
The Relative Strength Index for XRP was moving towards the neutral zone and was at 38.43 at press time. The rise in the RSI underscored an increase in buying pressure that pulled the asset out of the oversold zone on June 23. At the time of going to press, however, the sellers still dominated.
XRP was trading at $ 0.67 at press time, and if its price movement continues north it may test the $ 0.775 resistance as well.
Chain link [LINK]Source: LINK / USD – TradingView
LINK was trading at $ 18.9 at press time, losing 64.01% of its ATH at a Break-even multiple of 2.78. Alt price rebounded after testing the USD 17.3 support and rebounded decently. The coin in 15th place had a 24-hour price increase of 3.80% and a 7-day price decrease of 16.30%.
Given the appearance of green candles on the chart, the prevailing trend was slightly bullish. This corresponded to the Parabolic SAR‘s white dots that have appeared under the candles since the beginning of June 24th. Furthermore, the Squeeze momentum indicator indicated an active squeeze release (white dots) and forecast an uptrend for the asset.
Finally, that MACD and signal lines saw a bullish crossover on June 24th, suggesting a market rally for the alt. This could cause the asset to rebound towards the $ 25.9 resistance if the rallies continue.
VeChain [VET]Source: Vocational Education / USD – TradingView
VeChain was trading at $ 0.08 at press time and was ranked 21st on CoinMarkerCap. The Alt made a decent rebound from its June 21 decline, and its 7-day decline was 23.29% while its 24-hour rise was 5.50%. The asset lost 70.14% of its ATH and had a Break-even multiple from 3.35.
Bollinger bands for the asset exhibited increased volatility and a wider price range as the asset recovered from its lower lows. The capital inflows for the asset were noisy. neutral Chaikin money flow, with outflows that continue to dominate the market.
Finally, that Average Directional Index (ADX), highlighted an undirected market. Once the ADX is below 25, an uptrend can be expected to get stronger. The alt rebounded after testing its lower support at $ 0.07 and if the price continues to rise it could touch the resistance level at $ 0.098.
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